Overall 3%
Goods & Services 1%
Housing 14%
Date & Last Updated: This data reflects 2020 and was released from C2ER in January, 2021; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
IndexPanama City BeachFloridaNational
Cost of living10399100
Goods & Services9998100
Health care9998100

Key findings

  • The cost of living in Panama City Beach is 3% higher than the Florida average
  • The cost of living in Panama City Beach is 3% higher than the national average
  • Panama City Beach housing is 14% higher than the national average
  • Florida general sales tax is 18% higher than the national average
  • Florida state income tax is 100% lower than the national average

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Compare Panama City Beach, FL Cost of Living

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      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
      The affordability of the housing market in Panama City Beach, FL as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Panama City Beach homeowners, the median income is $65,032. This indicates that a monthly maximum of $1,517 should be spent by homeowners on all housing related costs. Renters have a median income of $44,351. This indicates that renters would have a maximum of $1,035 for their rent related monthly costs.

      Florida Sales Tax

      StateGeneral Sales TaxWith Max Surtax

      Florida Income Tax

      StateIncome Tax (Low)Income Tax (High)

      Goods & Services

      ItemPanama City BeachNational avg.Difference
      Haircut $14.35$18.6222.9%
      Beauty Salon $38.32$39.051.9%
      Toothpaste $2.25$2.343.8%
      Shampoo $0.89$1.0615.5%
      Movie $12.51$10.6817.1%
      Bowling $14.01$14.674.5%


      ItemPanama City BeachNational avg.Difference
      Ground Beef $4.86$4.2215.1%
      Fried Chicken $1.38$1.390.6%
      Milk $2.41$2.0517.6%
      Potatoes $3.67$3.2911.6%
      Pizza $10.33$10.622.8%
      Beer $9.29$9.381.0%

      Health Care

      ItemPanama City BeachNational avg.Difference
      Optometrist $80.20$108.5726.1%
      Doctor $110.71$116.174.7%
      Dentist $94.58$99.134.6%
      Ibuprofen $12.21$9.6826.2%
      Lipitor $499.04$466.926.9%


      ItemPanama City BeachNational avg.Difference
      Home Price $208,400.00$184,700.0012.8%
      Avg. Mortgage Payment $817.86$1,197.4231.7%
      Apartment Rent $1,100.00$949.0015.9%


      ItemPanama City BeachNational avg.Difference
      Gasoline $2.28$2.222.6%
      Tire Balancing $42.79$50.0714.5%


      ItemPanama City BeachNational avg.Difference
      All Electricity$142.93$167.6714.8%
      Phone $181.79$175.643.5%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City, StatePopulationCost of Living IndexNational Avg.
      Cedar Grove, FL3,51487-13%
      Springfield, FL9,31888-12%
      Parker, FL4,52192-8%
      Panama City, FL36,65492-8%
      Lower Grand Lagoon, FL3,46197-3%
      Panama City Beach, FL12,3331033%

      Cities with similar population

      City, StatePopulationCost of Living IndexNational Avg.
      Bayou Blue, LA12,33391-9%
      Steamboat Springs, CO12,33613939%
      North Merrick, NY12,33716363%
      Channahon, IL12,3291044%
      Northlake, IL12,3391022%
      Panama City Beach, FL12,3331033%
      Source: The Panama City Beach, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2020.